We see Q1 2026 as a rare asymmetric crypto entry point—fundamentals are intact, valuations reset, and sentiment is at multi-year lows—positioning our long-horizon capital to capture potential outsized returns through our vertical-focused, data-driven approach.

Perpetual swaps have achieved product-market fit in crypto and are now scaling via decentralized exchanges like Hyperliquid, with improving execution and liquidity. The next growth phase lies in capturing retail derivatives flow - especially vs CFDs - supported by new infrastructure enabling expansion beyond crypto.

Despite post-deleveraging weakness, protocols like Solana, Maple, Hyperliquid, Pendle, and Aerodrome show resilient activity, evolving design, and sustained relevance supporting a cautious medium-term outlook.